Taxes paid by UK financial services

The total tax contribution of the financial servies sector remained stable in
2012, the report commissioned by the City of London Corporation shows.

However, changes in the amount of corporation tax payments across the sector
have seen contributions fall by 9.4pc between 2007 and 2009, and a further
13pc between 2009 and 2010.

Job losses in the sector and the temporary cut in the VAT rate to 15pc also
played a big part.

In 2011, estimated contributions rose 18pc compared with 2010. Higher payments
of corporation tax, the introduction of the bank payroll tax, and increases
in the standard rate of VAT all contributed to the increase.